All three major US stock indexes were lower in late-morning trading on Monday as investors waited for updates on trade negotiations.

In company news, IBM (IBM) said Monday it plans to invest $150 billion in the US over the next five years, including over $30 billion in research and development to advance the company's American production of mainframe and quantum computers. IBM shares were up 0.5% around noon.

Sabre (SABR) said Monday it has signed a definitive agreement to sell its Hospitality Solutions business to TPG (TPG) for $1.1 billion in cash. The deal, which is expected to close by the end of Q3, will establish Hospitality Solutions as a standalone business, Sabre said. TPG shares were down 0.5%, and those of Sabre gained more than 15%.

Riyadh Air is ready to buy Boeing (BA) planes originally intended for Chinese carriers if deliveries are halted due to the ongoing US-China trade conflict, Chief Executive Tony Douglas told Reuters on Monday. Separately, the US aviation industry is urging the White House to exempt airlines and aerospace companies from tariffs imposed by the Trump administration and restore protections under the 1979 Civil Aircraft Agreement, Reuters reported Monday, citing industry officials. Boeing, GE Aerospace (GE) and RTX (RTX) expect new annual costs between $500 million and $850 million stemming from the tariffs, while American Airlines (AAL), Delta Air Lines (DAL) and United Airlines (UAL) said tariffs would impact deliveries, Reuters said. Boeing shares were up 2.2%, while those of GE, RTX, American Airlines, Delta and United Airlines were up 0.2%, down 0.6%, up 0.6%, up 0.4% and up 1.4%, respectively.

Progressive (PGR) said Monday it plans to add more than 12,000 employees to its workforce in 2025. The positions will be available in the company's claims team, customer care department and in-house legal counsel team. The insurance company also said it looks to hire territory sales representatives, data scientists and production print mail specialists during the year. Progressive shares were up 1.6%.

Amazon.com's (AMZN) Prime Day is set to see reduced participation from third-party sellers due to the impact of steep US-China trade tariffs, Reuters reported Monday. The pullback could lower Amazon's fees and advertising revenue for the event and limit discounted items' availability, according to the report. Amazon shares were down 1.5%.

Apple (AAPL) plans to move its robotics unit from its artificial intelligence division to its hardware unit, Bloomberg reported Friday, citing people with knowledge of the matter. Apple shares were down 0.6%.

Price: 233.49, Change: +1.08, Percent Change: +0.46